Mr. Ash died on June 15 of the previous year. The assets in his estate...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Mr. Ash died on June 15 of the previous year. The assets in his estate were valued on his date of death and alternate valuation date, respectively, as follows:
|
| Date of Death | Alternate |
| Asset | Valuation | Valuation |
| Home | $2,500,000 | $3,000,000 |
| Stock | 4,250,000 | 4,500,000 |
| Bonds | 2,000,000 | 1,250,000 |
| Patent | 1,000,000 | 950,000 |
The patent had 10 years of its life remaining at the time of Mr.Ash's death. The executor sold the home on August l of the previous year for $2,750,000. If Mr.Ash's executor elects the alternate valuation date method,what is the value of Mr. Ash's estate?
| A. | $8,950,000 |
| B | $9,450,000 |
| C. | $9,500,00 |
D. $9,700,000
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.